America's Servicing Company [ASC] review: Bunch of crooks! Fee to pay mortgage by internet! 127

I think you all are so funny. Listen to you all cry and complain. hahaha. Are you all that ignorant? "bring asc down, blah blah blah". haha wow. You know i guarantee that most of the ppl who are complaining are the people who are always late on there payments. And you may ask why would you say that? Well complainers look here. You all complain about a fee over phone. Well when you bought your home you signed a thing called a note and a deed. If you dont know what that is, or didnt read it, then you should not own a home. Now in there it states you dont have a grace period. You payment is due on the 1st of the month (usually). Now that you have till the 16th is a courtesy. Now if you think its a rip off that a company, who has to make a profit too, charges you to make a pymnt then i dont know why you have a home either. MAIL YOUR PYMNT on time or set up an automatic withdrawal. Its free. Listen to you America. A bunch of cry babies. Suck it up, make your pymnt on time, stop being late and GROW UP.

For George & John...

If you'd take the time to actually READ what people are posting then you'd understand. We (most people) don't have a problem paying ASC via check... general consensus is that no matter WHEN you send them a check, there's ALWAYS a problem with receiving the check... they illegally place late fee's on the accounts and hold the check until after the due date (when they miraculously re-appear). MOST people feel more comfortable paying via the net or phone... which of course has charges associated with the methods. Seems they get you either way. Real grown ups usually read thoroughly before passing judgment... just my 2 cents!

I too have had nothing but problems with ASC. We are currently refinancing and will soon be rid of this horrible company. Everything I have read, the missing checks, holding checks, adding fees, they currently have almost $1000 of mine sitting in a "suspense" account that is no longer considered a payment because of their shenanigans although it was sent as a full payment of $1400. They then lost a payment of $1500. Which I had proof that they withdrew from my account. I also had switched to the paying over the phone because of the problems of them holding my check, now they pulled the above mentioned stunt. Can't wait to be rid of these people soon. Jackie

First of all i am a collections rep for asc out bound collections... and first let me tell everyone do you know what asc is... its a NON-PRIME Loan servicer for everyone who doesn't know what that means it services bad credit loans, wait let me rephrase that horrible credit loans, and it makes me laugh when im talking to you and your there talking about how perfect your credit is and i see when im calling you and i see your true double digit credit scores... also your payments are due on the 1st not the 16th people who have bad credit seem to find this confusing thinking the 16th is your due date because thats when you get your late fee... also have you ever wondered why you get stuff from wells fargo with your mort. payment stuff , because asc is affiliated with wells fargo but wells fargo just doesnt want to be labeled the company with all the bad credit loans... how does asc end up with your loans... companies suck as freemont, countrywide, emc... etc companies originate loans the, prime loans (excellent credit) sub-prime (mediocre credit) and non-prime(bad credit)... the originating company keep your loan for 2 months if your lucky ,then thats where the fun starts the prime loans get sold to a company the non prime loans get sold to a company and then asc get all the non-prime loans get sold to asc... so i hope all this info answers your questions to why you have this horrible company servicing your loan... all because you all have horrible credit no one to blame but yourself!

Oh yeah i know asc is a screwed up company but i also find it funny when i hear people talking about sueing asc... and winning... yeah right when you walk in the court room with your bootleg lawyer and then asc/wells fargo comes in with its all-star team of lawyers who get paid more in 1 day then your lawyer will make in a year... do you really think your going to win your lawsuit.

ASC is the worst nightmare I've ever had!

They charge fees for everything, phone calls, using their web site even for customer service! and if this is not enough my mortgage which is two years fixed now has been increased over 100 dollars so help me to understand the meaning of FIXED TERMS because I don't get it?

It is unbelievable that this kind of things can happen in America!

Why are there complaints about a service charge to pay by phone or over the internet. Just mail the freaking payment or pay it some other way. Besides most people abuse their "servicing" period. Your payments are due the 1st mostly not the 15th. Most mortgages don't take post dated checks through the mail. And if you can't access the website it's probably because you're locked out for being past due. This isn't brain science people.

I mailed my payment and they posted it as late so they could charge me late fees. They are not being honest and that is just a fact that happens to be the truth. I get mad when people on message boards jump on and attack people thinking they must know all the details. I am sure whoever the anonymous person was who was slamming this post has a lot of money or never got in the 16th cycle and had to get out of it.

This company really just sucks I would recommend to anyone who is refinancing their mortgage to chose any other company but ASC. They are the worst company ever. They'll do anything to get money out of you. And the customer service reps are rude and not very helpful. Do Not Choose ASC! Ever!

Yesterday I called to make an automated payment so after trying several times I was deferred to a customer service rep and asked why I could not make my payment with the machine and she told me the following, because you are avoiding to pay a late fee which reflects on the account it defers you to me, now bare in mind that the same thing happened when trying to make the payment online because I wanted to make only my monthly mortgage payment plus the $ 10.00 fee it did not go through, so in the end I wound up paying a $ 20.00 fee because I made the payment with the rep instead of $ 10.00 online or $ 15.00 with the automated machine.

These people rob every which way they can and do not try to help you.

They truly stink.

I agree that it is gouging to charge $15 to pay online, and $10 on the phone. What a ripoff. They are also the only mortgage company I have used who reported me to the credit agencies for being a little late. Overall they s**k!

So... who's ready to file a class action suit?...

FYI: I have only taken the time to provide this information for those who care to read, and hopefully learn from it. (I know it won't make any difference to the likes of George, etc. as they are simply ###ic servicing shills/[censored]s who have there own agenda, which we all know has absolutely nothing to do with reality and/or the truth. They fit right into with such companies because they like the organization that hired them they clearly have no ethics, morals, and/so social responsibility, to say the least.

Companies like ASC are not "predatory lenders." They are predatory loan servers, and for the m0st part these companies do not loan money. They operate in the lending industry after-the-fact. They take on a function that a lender doesn’t want - the backroom functions of handling payments, escrow accounts, annual statements, dealing with borrowers, collections, etc. The perpetrators of the loan servicing scam acquire the servicing rights to loans that other companies have already made. (Loans that were deliberately constructed by predatory lenders are ideal for processing through services that specialize in aggressive collections or rapid foreclosure processing, but the loan servicing scam can be operated against any mortgage loan if the servicer acquires the rights from the lender.)

These scams are designed and deliberately operated. These situations are not errors, mistakes or situations where a servicer’s managers or employees failed to do their job. Their systems are well-designed and state-of-the-art in terms of analytical technology that helps them choose and process their victims.

These scams generate enormous profits from a business that is difficult to run, people and litigation intensive and normally only marginally profitable. Many have failed and been acquired (Fairbanks bought several).

• You, the borrower are not their customer. Lending companies and investors are their customers. As a borrower being "serviced" in the scam, you are simply one of millions in an ever-growing pool of what the financial services industry deliberately labels as "sub-prime" borrowers waiting to be taken advantage of.

• They have almost unlimited legal resources. If you had the financial resources to have effective legal representation and the documentation to challenge them, they would turn their attention to easier targets. Of course, because most sub-prime borrowers are not well off and don’t have an attorney, you’re a likely target.

• They have leverage and information and will prey on your fears. The fear of possibly losing your home is the key that unlocks your bank account for them. They know almost everything about you financially and even from an employment and income basis. They are made aware of your inquiries into other lenders about refinancing even without a request for a payoff and that shopping may lead them to target you before you can get out of the loan you’re in.

• They are experts with millions of successful cases behind them. The loan servicing industry, including those who founded and are running the servicing scam companies, helped craft the "standard" loan documents in widespread use. They are written entirely for the protection of the lending industry, not the consumer. That situation allows them to manipulate their processes and procedures to push you into a position where they can take funds from you or ultimately take your home, often within the terms and conditions of the loan. Some do go beyond the terms or even break the law and aren’t stopped because the borrower does not actually understand the agreement they signed or the laws and regulations.

When the servicer decides to manipulate the date the payment is received in order to artificially create a late payment.

When the servicer applies part of the payment to something other than principal and interest and creates a partial late payment or deficiency.

When the servicer decides to "force place" an insurance policy on the property by claiming the homeowner has not provided proof of insurance.

When the servicer pays your property taxes late, then adds their late penalty to your account without your knowledge.

Any or all of those processes result in at least one month of the account being past due and a negative note is made in the credit report (which effectively prevents the borrower from refinancing). It also helps the Private Mortgage Insurance carrier keep the policy in effect on the loan, which is why these insurance companies have investments in servicing companies in the first place – a late payment or two allows the lender to keep the insurance in force.

IF the borrower has anything more than about 10-15% equity in the property, it is to the servicer’s advantage at this point to not aggressively attempt to collect. In fact, if the borrower makes contact, the servicer will engage in delay tactics to avoid resolving the problem in time to prevent default. If the equity position is considerably less than 10%, the servicer does not have as much leverage, nor is the opportunity as great and they will typically be more aggressive in collection efforts and more willing to keep the loan in force.

In the case of force-placed insurance, it is to the servicer’s advantage to ignore the borrower and any proof of insurance as long as possible, again to keep the borrower’s credit status in a negative light and to maintain their relationship with the insurer they contract with. These policies are extremely profitable because they provide absolutely no coverage for the homeowner. They protect ONLY the value of the loan if the property is destroyed.

If the servicer has analyzed the opportunity and marked the property for default and recovery, the next payment received will be rejected as being insufficient. If it is accepted, the application of the funds leaves the loan sixty days past due. Typically, the scam now moves toward formal legal notice of acceleration in order to coerce the borrower into signing a highly-profitable forbearance agreement to somehow "save the home." The servicer rolls thousands of dollars in penalties and an incomprehensible combination of legitimate and illegitimate fees into the agreement and the homeowner is left with no choice but to sign it or lose their home. The amount demanded will be calculated to take as much of the homeowner’s equity as possible.

If the homeowner decides to sell the property to get out of the situation and take their equity, they will find the payoff amount (which in the last month of the scam will take longer to get than the amount of time left before foreclosure) strips them of their equity. That combined with their artificially-damaged credit rating helps keep the victim trapped.

If the borrower cannot pay the amounts demanded in the forbearance agreement, the servicer will have one of their network of specialized attorney firms foreclose and the property will be sold, typically at a county auction or through their real-estate network.

If the borrower signs the agreement, they will soon be recycled through the process with yet more late payments and fees. But in the terms of the forbearance agreement, they may find they have signed away any legal protections they may have already had, including the right to sue the servicer for fraud or misrepresentation.

In the end, if the homeowner cannot afford competent legal representation to stop this fraud, they lose their equity and in many cases, their home.

This information has been provided via the MS Fraud Web Site (msfraud.com) and is an opinion which I totally agree.

I was transfer to this company by fremont investment & loan,on dec,2006. So far everything is ok with this people, i have not had any kind of problems with them. At this point i can say that I'm happy with them! If something goes wrong i will post my comments later.

America's servicing company SUCKS! There rip you off in every way.

ASC bought our mortgage by another lender as well and we have had nothing but problems also. When they bought us our loan was a joint account. Now when I call in to ASC they will not talk to my only my husband. They tell me that I am not listed on the account and that this is a single owned account in my husbands name only. We have been fighting with them to get this corrected since they have bought this loan. We also like everyone else has fought with them pretty much on a monthly basis on late payments when they are there on time because I call in and talk to a person and make the payments over the phone and get a confirmation number. The payments still show a late charge. I have been sent forcloser notices due to taxes that they say we owed and our payments went up by $ 500.00 a month that we are now in a dispute about because we do not want a escrow account with them. I believe they just charge you what they want and put you in a spot where they know you cannot get out of because we have to save our homes. If we are band together and dispute against this company to get them stopped and closed down then they will not be allowed to continue on this way and tear other families apart. ASC causes stress on people, marriages, tears your homes apart, your credit and god knows what else and they just calling it doing their job. Well it is time that We all in do our job and protect our rights and families and stop companies like this from taking advantage of us!

Thanks.

I cannot ever find their website, does anyone have it ?

They are incompetent ###s! What I would like to file a grievance on is the stupid company that sold this note to them. Why don't consumers have the right to oversee some level of this bargaining? I would also like to know what if anything is being done to get these bozos from continuing their bad practices. I can't wait to be sold again! Away from these ###s!

I too have sent my payment by Priority Mail with Return receipt -- and they still claim to receive it late, and they signed for it 5 days before it was even due. Now i am forced to pay a Late fee or a $15 fee to pay by phone... They are ripping people off... Is there anything that can be done?

Hello Everyone!

My name is Glenn and have experience all the same issues with ASC. These people are crooks and someone needs to go to jail. My mom is a former US Marshal and she have gotten in touch with several people in the Senate and FBI office. I am trying to gather a list and documentation to provide to them. They cannot ignore a large number of people having the same fraud issues with ASC. Send me email and we can get some action.

Here is a link to ACS website... you have to fill out some registration stuff, but it's all there:

https://ascccn.fnfismd.com/asc/ccn/CCNMenu.asp

My loan was sold to ASC last year. Within a month or two, I received notices that my flood insurance wasn't sufficient. Yet they failed to list in the notice the exact sufficient amount. Instead they listed 245,000, twice what my house is worth. I contacted the company and let them know I had coverage, sent documentation and received a letter stating that the insurance was sufficient. Then a received an insurance policy from ASC. When I spoke with the next representative she told me to disregard the notice, the proof was in and everything was okay. A few months later I receive a letter stating that my mortgage payment would be increased by 228.00 a month. I have what they require. A couple weeks ago I spoke with a representative that said the policy would be effective July 13. Today I spoke with a representative and they said I have to pay this out until 2008. What am I supposed to do? Every time I call, I get pushed away and charged more money. If there is a suit against ASC I am definitely interested.

Memorial day my house burnt to the ground, my family and i were heart broken but looking towards the future. A check was sent to asc shortly after, and a promise was made by asc to release a check asap to my family for a new home. Asc hasn't yet sent a check but we have received a bill a month in advance. Isnt that something? We have had a new house picked out (modular) for weeks now, they have our money, and yet we for some reason are still living in a small camper with no electricity. I am only 17 yrs old and already struggling not knowing where to sleep night by night. The company owes my family something for the pain they have caused.

I am trying to do a short sale with this company, for one thing they didn't send me the proper short sale forms for me to fill out and I currently have a buyer for the home. Being that the market has changed dramatically I couldn't what I'm asking for my home. They had me send all these requirements that would have been for the short sale and now that they are getting paid off they won't even negotiate with my lawyer and I'm about to lose a buyer for this home.

When my load was sold to ASC from New Century, they didn't reconvey the title insurance. When I tried to sell the house, there was a lien that the Title company insurance would pay because of their error. However, ASC can't seem to find the form to give the TITLE company. Unbelievable. As this is a federal lien and large, ASC is stuck with it. I'm going to let them foreclose, sue and I'll take a bankruptcy. In addition to being crooks, they are incompetent. I can't understand why Well's Fargo would permit it. They (wells fargo) used to have a good name. This company is the worst.

You guys crack me up. Don't get me wrong I'm not a huge fan of ASC but if you want to be taken seriously complain about something that's against the law instead of complaining about a $10 online fee... gas prices suck and we HAVE to pay that for gas we don't HAVE to pay online we can mail it in or do auto pay too.

I am amazed by the amount of complaints regarding the (ASC). I too am having an awful time with them. Making an escrow account that doesn't exist, paying insurance company's other than the one you already have, and then receiving bills for thousands owed. When you contact them it's always the same story, we never received proof blah blah blah! What can we as consumers do to be more protected from these #@*! crooks.

My nightmare with ASC is finally over I refiled. I dealt with all of the above and after being with these crooks for almost three years they still penalized me for early pay off. The escrow money was supposed to be back to me no later that 14 days after they received the payoff. That happened on the 28th of June and here it is the 18th of July and I am still waiting for the check. If anyone decides to go with a class action count me in.

Linda.

Not only am I paying DOUBLE my initial mortgage payment when my lender withdrew from Florida and sold me to America's, but now I have a statement that says my Escrow Account will be short AND "Note: Due to changes in your taxes and insurance, your mortgage payment may increase even if your shortage is paid in full."

First I am curious about all this as I AM PAYING ALL OF MY TAXES AND INSURANCE and I no longer have an Escrow Account as that only existed until closing! Second these leeches took over my mortgage at a higher interest rate and have not as yet been paying into principle even though they are asking me to pay more! There should be some law somewhere that prevents this type of gouging! Guess we have lousy bunch of Congressmen still in there!

I'll probably be back with more after I finally talk with these people on their (800) number since I certainly can't find them at "mortgageonline.com" like their after hours telephone recording says.

All the stuff you guys complained about happened to me too. This company forces families out of their houses. I want to know how to get all of us together and fight back and win. I know the more people who fight back, the better chance we got.

I agree with all the complaints on this website. This company creates problems for his customers to collect more money. They made me pay for additional homeowners insurance when I had one, and now they say my property tax was not paid, when I paid even before the due date. Bunch of crooks. If I didn't have a prepayment penalty, I would refinance my mortgage and get rid of them. We need to take action, all the people who are complaining about ASC.

I am sitting in the same boat. I found useful information while doing my research about this company on the Mortgage Servicing Fraud Forum.

The website is: http://www.msfraud.org/forum.htm. I recommend all of you who need help dealing with these crooks at ASC check out this website because you need to get prepared and organized with all you paperwork regarding your mortgage from day one until now to prove their wrong doing.

I've only had pleasant experiences with ASC. My loan was also sold to ASC but they've been great. Their phone number, which many of you can't seem to find on your statement, is [protected]. Their website, which is also provided, is www.mortgageaccountonline.com . It seems many are blaming ASC for rising interest rates on their adjustable ARM's. They did not provide you a mortgage... they are simply the SERVICING CO.

I emphatically agree with most of the above comments! The business practices of this company are certainly unethical. I have had the same problems from mandating future tax collections and HOA dues to threatening foreclosures. They are IMPOSSIBLE to make contact with and to make a long story short, they set you up to fail at home buying. At least if they're gonna "bend you over", they should at least use some K-Y! Ouch! It is strangely validating to know, though, that I am not the only one. I hope this company goes out of business soon so they will not be able to ruin anyone else's lives!

Well i guess i will have to join in on be screwed by ASC, all of the above apply to me also. ASC are crooks i stop answering their calls and i pay thru my Bank. They lost 2 payments and even after a provided them with proof from my banking statements they still are reporting me late and charging late fee's. Not sure what we can do about them but we need some answers quick. I'm sure they have troll in here reading this because read a few post where people praise the company which is Sad. Goof luck to everyone and if you find a loop hole please share it with the rest of us.

I refinanced with ASC 2 years ago from a divorce. My payment is going up from $2655. to $ 3400! They've had a pre-pay penalty of over $15,000. on my loan if I Sell or refinance before 2 years. Now my 2 years is up, but I am forced to sell in a slow market because I was late 2 months when hit with the taxes and insurance separately. Now caught up, no one will refinance me with those late on my credit. This company sets you up for failure! This country is supposedly the "Home of the Free" and this is not freedom or home, when there are so many blood sucking mortgage companies that make Forclosure and homelessness a household name. Where is the humanity and dignity in our country when it is so common that we are scammed and ripped off! I'm ashamed to be born in America, the home of the devaluing of people and culture because the dollar takes precedence!

Seriously, We should all together fight back to put this company out of business and get money back! Anyone have ideas on this subject?!

I would like to get in on this lawsuit against this company because I have lost two buyers for my home because of their short sale practices. Please notify me at dwrd_rouse@yahoo.com. I can't sleep I'm totally stressed out over this whole thing. Please let me know

I'm just beginning my journey with this company. My ex-husband files for bankruptcy in January, and now ASC is wanting to foreclose on a home that is current. My home. I'll be talking to an attorney tomorrow and I have printed some of the complaints so they will see what kind of business this is. I found this while searching for information. Before reporting to the BBB, call Cari Cunningham at [protected]. This will be the first thing I'll do 9-4-07. It's at least a starting point. I'll go straight on to the BBB if I don't get satisfactory answers. Whenever anyone makes an attempt at getting more on ASC, post whatever info you can. If we pull together maybe we can get something done.

Yes these people care only about their money...they are a bunch of criminals...they charge you to use their website, unbelievable isn't ... beware with ASC
Don't trust them

WE are asking for all those who have been "Force Insured" by ASC, even though you already had private insurance, to please notify us at: velacorp1@hotmail.com

We will be examining the cases that may become joiner to the party of a major class action lawsuit against ASC. We have the full support of various Senators, Congressmen, The NACA and the National Association of Consumer Advocates.

Oh yeah, if you really work at Loss Mitigation or Loss Dreft at ASC, you can then contact Cory at the Loss Dreft management Dept and tell him that Nelson Velardo in Velardo vs. ASC always keeps his word and that we will see them soon in court! Case number: (Case number: 6:07-cv-01253-ACC-UAM) Florida US Middle District Court.

My case could have been so easily resolved, all they needed to do was Next Day Air Express our just and legal insurance claim check payment, instead, they kept it. When a crooked company like ASC attempts to control flies with gasoline, it will always end up getting severely burned!